Balozi Co-operative Savings and Credit Society Ltd is a leading SACCO for embassies, their affiliate agencies in Kenya, and other organizations.
Balozi was founded and registered on 14th July 1975 with the Ministry of Co-operative Development (now known as Ministry of Agriculture, Livestock, Fisheries and Co-operatives) under the Co-operative Society Act. In July 2021, Balozi was among the first 25 non-withdrawable deposit taking SACCOs to be issued with a regulation license by the SACCO Societies Regulatory Authority (SASRA) as per the government’s directive.
Balozi SACCO draws its membership from the following: US Embassy, USAID, US Peace Corps, Kemri WRP/CDC, Usamru-K, Canadian Embassy, B.B.C., Chemonics, D.A.I., Israel Embassy, KK Security, Land O’Lakes Inc, H.J.F., G.I.S., Ampath Plus, Affiliates, ABT Associates Inc, Spouses and children (of current members).
Core Functions of Balozi Sacco
The following have been the core functions of Balozi SACCO:
- i. Mobilization of savings from members: Mobilisation of savings has remained one of the key functions of Balozi since its inception. As of 31st December 2022, members’ deposits were Kes. 3.5 billion while the Share Capital was Kes. 165.2 million.
- ii. Giving loans to members: Giving loans to its members has been the other key function of Balozi – these consist of Normal, Boresha, Emergency, School Fees, Quick Pesa, Okoa Advance, and M-Cash loans. The total amount of credit as of 31st December 2022 was Kes. 4.2 billion.
- iii. Undertaking investments: Balozi has made Investments in the form of ordinary shares in Co-operative Bank Ltd, KUSCCO, and CIC.
- iv. Providing education, training, and information to members and staff: The Society identifies and avails education, information, and training to its members and staff.
Membership Requirements
- 1. 18+ years old
- 2. A person of good character
- 3. Abide by the By-Laws
- 4. Member from the above common bond
- 5. Completed the membership application form
- 6. Paid registration fee of Kes. 2,010/- (new applicant) or Kes. 7,010/- (rejoining applicant)
- 7. Signed allotment form (for check-off). Standing order / Funds transfer / Cash or Cheque deposits / M-pesa accepted.
What are the Savings Products of Balozi Sacco?
Balozi Sacco also provides various types of savings products which include:
1. Share Capital
This is a mandatory savings scheme. The nominal value of each share shall be Kshs.100/=.
The minimum share capital expected by 31st December 2023 is Kshs. 40,000/=. This amount is not withdrawable but can be transferred to another member upon cessation of membership.
2. Deposits
Deposits are another saving product from the Sacco and earn interest depending on the surplus reported within the year. Therefore, loan granting is based on a member’s deposits among other requirements like eligibility to pay. Deposits withdrawal is only allowed when a member is withdrawing membership. The minimum mandatory deposit contribution is based on the aggregate sum of all loan balances.
| Minimum LoanLimit (Ksh) | Maximum LoanLimit (Ksh) | Minimum Contribution per pay period (Ksh) | Minimum Contribution per month (Ksh) |
| 0 | 2,000,000.00 | 2,000 | 4,000 |
| 2,000,001.00 | 3,000,000.00 | 3,500 | 7,000 |
| 3,000,001.00 | 4,000,000.00 | 5,000 | 10,000 |
| 4,000,001.00 | 5,000,000.00 | 6,500 | 13,000 |
| 5,000,001.00 | 6,000,000.00 | 8,000 | 16,000 |
| 6,000,001.00 | 7,000,000.00 | 9,500 | 19,000 |
| 7,000,001.00 | 8,000,000.00 | 11,000 | 22,000 |
| 8,000,001.00 | 10,000,000.00 | 12,500 | 25,000 |
| Above 10,000,001.00 | 14,000 | 28,000 | |
3. Benevolent Fund Scheme
Benevolent Fund Scheme is a buffer fund where members make monthly contributions to meet expenses upon bereavement of an immediate family member as declared by the member in advance. The contribution is Kshs. 300/= p.m.
Details of the package (upon the demise of declared dependent)
| Dependent | Details | Payable to |
|---|---|---|
| Principal member | Ksh. 100,000 | Declared claimant |
| Spouse | Ksh. 80,000Maximum claims = one spouse | Principal member |
| Child | Ksh. 80,000 (per claim)Maximum claims = Four children up to 30 years | Principal member |
| Parent | Ksh. 50,000 (per claim)Maximum claims = Two biological parents | Principal member |
Note
- To update your beneficiaries, you will need to fill in the Benevolent Fund application form and send it via email
- To request a claim, you will need to fill in the Benevolent Fund claim form and send it via email. In addition, you will be required to attach certified proof eg. a death notification slip or a death certificate
4. Ekeza Fund Scheme for Members
Ekeza Fund Scheme is a saving product offered by Balozi Sacco. This Fund Scheme enables members to have savings with the SACCO and in return earn interest based on the period the savings are held by the SACCO. The returns on the funds shall be applied as follows:
| PERIOD ( DAYS) | RETURN (PER ANNUM) |
| 60 | 5% |
| 90 | 8% |
| 120 | 9% |
| 181+ | 11% |
Other terms and conditions;
- This is a voluntary savings scheme
- Members are allowed to take off part / full of their savings
- The minimum amount you can get is Kes. 10,000
- The minimum savings amount is Kes. 12,000
- Funds will be refunded within seven working days of receipt of the notice
- This amount can be used as a security for loan(s)
- A member will not earn interest if he/she makes a notice before the maturity date.
5. EKEZA FUND – CHAMAS
This saving product from Balozi Sacco which enables members to introduce their chamas to the SACCO and have savings which in return earn interest based on the period the savings are held by the SACCO. The returns on the funds are applied as follows:
| PERIOD (DAYS) | RETURN (PER ANNUM) |
| 181+ | 11% |
Other terms and conditions;
1. The chama MUST be introduced by an existing active member of the SACCO.
2. The chama can be a registered or unregistered group.
3. Minimum amount and duration of investment is Ksh. 100,000/- and 6 months respectively.
4. The investment by the chama will operate in the introducing member’s SACCO account but liquidated (redeemed) to chamas bank account ONLY.
5. An agreement/MOU MUST be signed between the chama officials and the SACCO and, witnessed by the introducing member.
6. Minutes/resolution by chama members authorizing investment in the SACCO MUST be availed.
What loan products does Balozi Sacco Offer, and What are the requirements?
Balozi Sacco provides different types of loans these include long-term loans with a maximum repayment duration of 5 years and above. Short-term loans with a maximum repayment duration of 3 years and below
Also, Note that these loans have the following:
1. An insurance premium of 1% is charged on loans granted and recovered from the next installment remitted.
2. Bridging Finance: Allowed in each respective loan category at 5% of the outstanding loan balance.
3. Amalgamation: Allowed for combining several loans into one. Applicable to Special Loan at zero amalgamation charge and at 5% of the outstanding loan balance to Boresha & Super loans.
Let’s discuss each of the loan products from Balozi Sacco:
1. Normal Loan
This loan product is intended to help members in improving their economic activities and social being. The loan is repayable within a maximum period of 60 months (5 years) at 1% interest per month on a reduced balance. Approved once per month by the Credit Committee. Disbursed on a first come first served basis.
2. Boresha Loan
Boresha loan is repayable within a maximum period of 84 months (7 years) at 1.29% interest per month on a reduced balance. A multiplier of four (4) times a member’s deposit is used subject to 2/3 of gross salary. The loan can be bridged (top-up) or used for amalgamating other loans. Approved once per month by the Credit Committee. Disbursed on a first come first served basis.
3. Super Loan
Repayable within a maximum period of 72 months (6 years) at 1.25% interest per month on reducing balance. The loan can be refinanced anytime or used to amalgamate other loans. Approved once per month by the Credit Committee. Disbursed on a first come first served basis.
4. Collateral Loan
Repayable within a maximum period of 84 months (7 years) at 1.05% interest per month on reducing balance. The loan is guaranteed through commercial land/building, residential property, or agricultural land title deed. Before the loan is issued a search is conducted on the property being offered as security, a valuation of the asset is done and then the asset is charged. All charges are paid by the member. Amount granted will be based on 2/3rd of salary and 70% or 50% of the mortgage value of commercial land/building, residential property, or agricultural land respectively. Disbursed on a first come first served basis.
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5. Special Loan
The loan is used for amalgamating/rescheduling existing loan(s) at no cost, at 1.21% interest per month on reducing balance. A member will not take home any cash (zero net after amalgamation). Disbursed on a first come first served basis.
6. School Fees Loan
Repayable within a maximum period of 24 months (2 years) at 1% interest per month on reducing balance. Applications must include fees structures. Granted on demand.
7. Emergency Loan
Repayable within a maximum of 12 months (1 year) at 1% interest per month on reducing balance.
8. Insta Loan
Repayable within a maximum period of 24 months (2 years) at 1.17% interest per month on reducing balance. Has no maximum limit.
9. Insta Plus Loan
Repayable within a maximum period of 36 months (3 years) at 1.21% interest per month on reducing balance. Has no maximum limit.
10. Quick Pesa Loan
The maximum loan amount is Kshs. 500,000/=. Repayable within a maximum period of 12 months (1 year) at a flat rate interest of 12% on the amount loaned.
11. Okoa Advance Loan
The maximum amount for the product is Ksh. 350,000. The maximum repayment period is 12 months. Interest is payable on a flat rate of 12% on the amount loaned.
12. M-Cash Loan
The maximum amount for the product is Ksh. 150,000. The maximum repayment period is 4 months. Interest is payable on a flat rate of 10% on the amount loaned. Network charges are borne by the applicant. The product can be accessed via the Xmobi Customer app (available on Google Play Store) and/or by dialing *882#. Payment is done via m-pesa. A member must have his/her phone number registered first in the SACCO system.
13. Karibu Loan
Eligible for new members who are less than 6 months old in the SACCO – members must have saved for at least 2 months.
Repayable within a maximum of 10 months at 10% flat rate interest.
The maximum entitlement is Ksh. 50,000. The loan must be guaranteed.
14. Car Loan
Repayable within a maximum period of 36 months (3 years) at 1.29% interest per month on reducing balance. The maximum amount is Ksh. 3,000,000.
Security for the loan is 70% of the forced valuation value of the vehicle which MUST have a maximum age of 8 years.
How to Deposit or Make Payments to Balozi Sacco via Mpesa using paybill
How to make a payment
- On your phone menu, go to SIM Toolkit>M-pesa>Lipa na M-pesa>Pay Bill option
- Enter Balozi Sacco business no: 855600
- Enter account no: type your membership number followed by a dash then product code (e.g. for member number 30 paying M-Cash the format will be: 30-MC)
- Enter amount
- Enter M-pesa pin
- Confirm the payment details and press OK.
You will receive an Mpesa notification alert (via SMS/email) that the payment has been sent to Balozi Sacco Ltd and thereafter an instant payment notification from BALOZISACCO when your account is updated.
What are the benefits of joining this Sacco?
- 1. Dedicated and skilled team
- 2. Enjoy various products and services
- 3. Vehicle for investment thus creation of wealth
- 4. Earn high interest/dividend
- 5. Access more funds than savings
- 6. Access cheap funds with no stress
- 7. Enjoy excellent services
- 8. Enjoy insurance services
Balozi Sacco Contacts
Location: Golf View Suites, 3rd Floor, Muthaiga
along Wambui road, off Kiambu/Thika road
Postal address: P.O. Box 11539-00400, Nairobi.
Tel: +254 (020) 2211600
Cell: +254 (0) 720 833326 / 733 967707
Email: info@balozisacco.com